Cue Biopharma, Inc.
CUEHealthcare|Biotechnology|US
$18.73
+0.72 (+4.00%)
Tangible Book / Share
$0.36
Cash / Share
$2.74
Financials
Financial Snapshot
Market Cap
$136.1M
Enterprise Value
$127.5M
Revenue (TTM)
$37.7M
Net Income (TTM)
-$164.1M
Cash & Investments
$17.4M
Net Cash
$8.6M
Free Cash Flow (TTM)
-$50.2M
Operating CF (TTM)
-$50.0M
Debt/Equity
3.81
Cash Runway & Burn Rate
Cash on Hand
$17.4M
Quarterly Burn
$12.5M
Monthly Burn
$4.2M
Est. Runway
~1.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $15.0M | $63.6M | $39.2M | $59.4M | $84.9M | $64.4M | $76.3M | $48.5M | $22.5M | $27.1M | $17.4M | |
| Operating Cash Flow | -$6.0M | -$12.2M | -$26.4M | -$30.8M | -$32.5M | -$38.8M | -$41.8M | -$40.0M | -$36.3M | -$21.7M | -$50.0M | |
| Free Cash Flow | -$6.5M | -$13.4M | -$28.3M | -$30.8M | -$33.1M | -$39.8M | -$42.0M | -$40.0M | -$36.4M | -$21.9M | -$50.2M | |
| Capital Expenditure | -$516.0K | -$1.2M | -$1.9M | -$46.4K | -$595.3K | -$913.0K | -$171.0K | $0.00 | -$66.0K | -$177.0K | -$121.0K | |
| Financing Cash Flow | $15.0M | $62.0M | $4.2M | $50.8M | $58.6M | $19.2M | $53.7M | $11.9M | $10.2M | $26.3M | $39.8M |
R&D Spending
R&D (TTM)
$77.1M
R&D Intensity
204.8%
R&D Growth vs Prior
+104.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $1.1M | $3.5M | $3.2M | $14.9M | $1.2M | $5.5M | $9.3M | $27.5M | $37.7M | |
| R&D Expense | $5.7M | $18.9M | $28.5M | $27.5M | $33.5M | $41.3M | $38.6M | $40.8M | $36.3M | $37.7M | $77.1M | |
| R&D % of Revenue | — | — | 2498.2% | 794.8% | 1063.5% | 276.7% | 3098.6% | 743.2% | 390.8% | 137.4% | 204.8% | |
| SG&A | $2.0M | $4.3M | $11.3M | $12.7M | $14.7M | $17.3M | $16.2M | $16.7M | $14.6M | $16.2M | $59.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $1.1M | $3.5M | $3.2M | $14.9M | $1.2M | $5.5M | $9.3M | $27.5M | $37.7M | |
| Cost of Revenue | $202.1K | $419.6K | $28.5M | $27.5M | $33.5M | -$1.8M | $0.00 | $38.1M | $0.00 | $0.00 | $115.0K | |
| Gross Profit | -$202.1K | -$419.6K | -$27.4M | -$24.0M | -$30.4M | $16.7M | $1.2M | -$32.6M | $9.3M | $27.5M | $37.5M | |
| R&D | $5.7M | $18.9M | $28.5M | $27.5M | $33.5M | $41.3M | $38.6M | $40.8M | $36.3M | $37.7M | $77.1M | |
| SG&A | $2.0M | $4.3M | $11.3M | $12.7M | $14.7M | $17.3M | $16.2M | $16.7M | $14.6M | $16.2M | $59.1M | |
| Operating Income | -$7.7M | -$23.2M | -$38.7M | -$36.8M | -$45.0M | -$43.7M | -$53.2M | -$52.1M | -$41.5M | -$26.5M | -$98.6M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $713.8K | $1.2M | $796.0K | $357.0K | $135.0K | |
| Pretax Income | -$7.7M | -$23.2M | -$38.2M | -$36.3M | -$44.6M | -$43.7M | -$53.0M | -$50.7M | -$40.7M | -$26.1M | -$163.6M | |
| Net Income | -$7.7M | -$23.2M | -$39.0M | -$36.7M | -$44.8M | -$44.2M | -$53.0M | -$50.7M | -$40.7M | -$26.6M | -$164.1M | |
| EPS (Diluted) | -11.10 | -33.90 | -58.20 | -49.80 | -46.80 | -42.30 | -44.70 | -33.30 | -21.60 | -8.40 | -27.00 | |
| EBITDA | -$7.5M | -$22.8M | -$37.9M | -$36.0M | -$44.0M | -$45.4M | -$50.5M | -$46.1M | -$37.5M | -$24.8M | -$95.7M | |
| Shares Out. (M) | 0.69 | 0.69 | 0.67 | 0.73 | 0.96 | 1.04 | 1.19 | 1.53 | 1.88 | 3.16 | 6.34 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.9M | $63.5M | $20.8M | $44.3M | $74.9M | $64.4M | $51.6M | $48.5M | $22.5M | $27.1M | $17.4M | |
| Short-Term Investments | $50.0K | $50.1K | $18.4M | $15.1M | $10.0M | $0.00 | $24.7M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $15.1M | $65.1M | $40.6M | $61.0M | $87.5M | $68.5M | $77.2M | $51.5M | $25.1M | $37.0M | $26.6M | |
| Total Assets | $16.3M | $67.0M | $45.4M | $71.6M | $99.5M | $83.4M | $91.3M | $61.5M | $32.2M | $42.2M | $30.7M | |
| Total Current Liabilities | $1.1M | $5.3M | $6.2M | $11.7M | $16.3M | $12.8M | $11.5M | $17.1M | $13.7M | $13.5M | $21.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.0M | $4.2M | $0.00 | $0.00 | $5.7M | |
| Total Liabilities | $1.1M | $5.3M | $11.4M | $17.0M | $20.6M | $17.9M | $25.6M | $24.4M | $14.7M | $15.8M | $28.4M | |
| Stockholders' Equity | $15.2M | $61.6M | $34.0M | $54.6M | $78.9M | $65.5M | $65.7M | $37.1M | $17.5M | $26.4M | $2.3M | |
| Retained Earnings | -$9.6M | -$32.8M | -$71.8M | -$108.5M | -$153.3M | -$197.4M | -$250.5M | -$301.2M | -$341.9M | -$368.5M | -$526.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.0M | -$12.2M | -$26.4M | -$30.8M | -$32.5M | -$38.8M | -$41.8M | -$40.0M | -$36.3M | -$21.7M | -$50.0M | |
| Capital Expenditure | -$516.0K | -$1.2M | -$1.9M | -$46.4K | -$595.3K | -$913.0K | -$171.0K | $0.00 | -$66.0K | -$177.0K | -$121.0K | |
| Free Cash Flow | -$6.5M | -$13.4M | -$28.3M | -$30.8M | -$33.1M | -$39.8M | -$42.0M | -$40.0M | -$36.4M | -$21.9M | -$50.2M | |
| Investing Cash Flow | -$516.0K | -$1.2M | -$20.4M | $3.4M | $4.5M | $9.1M | -$24.6M | $25.0M | $32.0K | $75.0K | $131.0K | |
| Financing Cash Flow | $15.0M | $62.0M | $4.2M | $50.8M | $58.6M | $19.2M | $53.7M | $11.9M | $10.2M | $26.3M | $39.8M | |
| Issuance of Stock | $16.4M | $66.2M | $4.2M | $49.0M | $56.7M | $17.4M | $39.3M | $13.4M | $14.2M | $30.8M | $42.3M | |
| Repurchase of Stock | -$1.4M | -$4.2M | $0.00 | -$91.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | -$2.0M | -$4.0M | -$4.5M | -$2.5M | |
| Stock Based Comp. | $889.6K | $2.8M | $7.2M | $6.5M | $10.5M | $11.5M | $9.5M | $8.2M | $6.8M | $4.7M | $26.0M | |
| Net Change in Cash | $8.5M | $48.6M | -$42.6M | $23.4M | $30.6M | -$10.5M | -$12.8M | -$3.1M | -$26.1M | $4.7M | -$10.1M |
Dilution Tracker
Shares outstanding grew 230.2% over 5 years — significant dilution
Shares Outstanding
7M
5-Year Share Growth
+230.2%
Stock Issuance (TTM)
$42.3M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.69 | 0.69 | 0.67 | 0.73 | 0.96 | 1.04 | 1.19 | 1.53 | 1.88 | 3.16 | 6.34 | |
| Change vs Prior % | — | 0.0% | -2.5% | 9.5% | 30.2% | 9.1% | 13.9% | 28.3% | 23.1% | 68.2% | 100.8% | |
| Stock Issuance | $16.4M | $66.2M | $4.2M | $49.0M | $56.7M | $17.4M | $39.3M | $13.4M | $14.2M | $30.8M | $42.3M | |
| Stock Repurchase | -$1.4M | -$4.2M | $0.00 | -$91.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $889.6K | $2.8M | $7.2M | $6.5M | $10.5M | $11.5M | $9.5M | $8.2M | $6.8M | $4.7M | $26.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | -2398.2% | -694.8% | -963.5% | 111.9% | 100.0% | -593.9% | 100.0% | 100.0% | 99.7% | |
| Operating Margin % | — | — | -3386.7% | -1063.2% | -1428.0% | -292.6% | -4275.1% | -949.9% | -446.9% | -96.6% | -262.0% | |
| Net Margin % | — | — | -3411.5% | -1061.2% | -1419.8% | -295.6% | -4257.8% | -924.1% | -438.0% | -96.9% | -435.8% | |
| EBITDA Margin % | — | — | -3320.2% | -1039.8% | -1394.4% | -304.1% | -4055.5% | -838.8% | -404.1% | -90.2% | -254.3% | |
| FCF Margin % | — | — | -2473.8% | -891.9% | -1049.0% | -266.0% | -3371.6% | -727.9% | -391.9% | -79.6% | -133.2% | |
| ROE % | -50.5% | -37.7% | -114.7% | -67.2% | -56.8% | -67.4% | -80.7% | -136.8% | -232.4% | -100.6% | -1032.2% | |
| ROA % | -47.0% | -34.7% | -85.9% | -51.3% | -45.0% | -53.0% | -58.1% | -82.5% | -126.4% | -63.0% | -534.4% | |
| ROIC % | -50.3% | -37.7% | -98.9% | -57.1% | -51.2% | -56.4% | -62.6% | -100.7% | -157.3% | -86.6% | -887.3% | |
| R&D / Revenue % | — | — | 2498.2% | 794.8% | 1063.5% | 276.7% | 3098.6% | 743.2% | 390.8% | 137.4% | 204.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 202.7% | -8.8% | 373.7% | -91.7% | 341.0% | 69.2% | 195.7% | |
| Gross Profit | -350.9% | -107.6% | -6430.9% | 12.3% | -26.5% | 155.0% | -92.6% | -2719.0% | 128.5% | 195.7% | |
| Operating Income | -297.1% | -203.4% | -66.6% | 5.0% | -22.5% | 3.0% | -21.8% | 2.0% | 20.4% | 36.1% | |
| Net Income | -297.1% | -203.4% | -67.8% | 5.9% | -22.0% | 1.4% | -20.0% | 4.3% | 19.8% | 34.6% | |
| EPS (Diluted) | -42.3% | -205.4% | -71.7% | 14.4% | 6.0% | 9.6% | -5.7% | 25.5% | 35.1% | 61.1% | |
| Operating Cash Flow | -260.1% | -104.3% | -116.6% | -16.6% | -5.5% | -19.5% | -7.6% | 4.4% | 9.1% | 40.3% | |
| Free Cash Flow | -168.9% | -106.6% | -111.0% | -9.1% | -7.3% | -20.1% | -5.6% | 4.8% | 8.9% | 39.9% | |
| R&D Expense | 278.3% | 232.3% | 51.0% | -3.7% | 22.0% | 23.3% | -6.7% | 5.8% | -11.0% | 4.0% | |
| SG&A Expense | 363.6% | 119.9% | 160.6% | 12.8% | 15.0% | 18.1% | -6.6% | 3.2% | -12.6% | 11.4% | |
| Total Assets | 122.5% | 311.3% | -32.2% | 57.8% | 39.0% | -16.2% | 9.5% | -32.6% | -47.7% | 31.1% | |
| Book Value / Share | -22.1% | 306.0% | -43.5% | 46.8% | 11.1% | -23.9% | -12.0% | -56.0% | -61.7% | -10.2% | |
| Debt | 0.0% | 0.0% | -100.0% | 0.0% | 23.3% | 68.2% | 60.7% | -23.9% | -39.6% | -52.7% | |
| Diluted Shares | 180.7% | 0.0% | -2.5% | 9.5% | 30.2% | 9.1% | 13.9% | 28.3% | 23.1% | 68.2% |
Valuation
P/E (TTM)At Loss
P/S3.61
10Y Low / Med / High1.05 / 81.61 / 113.78
P/B51.41
10Y Low / Med / High1.09 / 3.90 / 15.82
EV/EBITDAAt Loss
EV/Revenue3.39
10Y Low / Med / High0.22 / 55.66 / 92.31
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.36
Cash / Share
$2.74
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -31.43 | -10.29 | -2.42 | -9.56 | -8.02 | -8.02 | -1.91 | -2.38 | -1.51 | -1.09 | -0.69 | |
| P/S Ratio | 0.00 | 0.00 | 82.82 | 101.18 | 113.78 | 23.68 | 81.61 | 22.00 | 6.61 | 1.05 | 3.61 | |
| P/B Ratio | 15.82 | 3.90 | 2.79 | 6.41 | 4.55 | 5.40 | 1.55 | 3.26 | 3.51 | 1.09 | 51.41 | |
| EV/EBITDA | -30.19 | -7.85 | -1.95 | -8.66 | -6.62 | -6.63 | -1.37 | -1.89 | -1.27 | -0.24 | -1.33 | |
| EV/Revenue | 0.00 | 0.00 | 64.62 | 90.05 | 92.31 | 20.18 | 55.66 | 15.84 | 5.15 | 0.22 | 3.39 |
Analyst Estimates & Quality
Altman Z-Score
-30.25
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $15.6M | $8.7M | $12.3M |
| Net Income | -$83.4M | -$24.8M | -$21.2M |
| EPS | $-25.01 | $-7.44 | $-6.71 |
| # Analysts (EPS) | 2 | 2 | 2 |